Bitcoin, Ethereum Technical Analysis: BTC Above $28,000 as Biden Announces Debt Ceiling Deal

Bitcoin climbed above the $28,000 level on Monday, as U.S. President Joe Biden confirmed that a deal was agreed in principle. Biden labeled the agreement a “compromise,” with Republican Kevin McCarthy calling it “historic.” Ethereum was also higher on the news, hitting a three-week peak.

Bitcoin

Bitcoin (BTC) rose above the $28,000 to start the week, as crypto markets reacted to an apparent agreement to increase the U.S. debt ceiling.

Following a low of $27,125.53 on Sunday, BTC/USD raced to a peak of $28,432.04 earlier in today’s session.

As a result of today’s rally, bitcoin moved to its highest point since May 8, when price reached a high of $28,676.

Bitcoin chart by TradingView

Overall, it appears that the latest move took place once the relative strength index (RSI) broke out of a ceiling at 53.00.

Price strength has since climbed, and the index is currently tracking at 54.92, with the next point of resistance at 57.00.

Should this momentum continue to increase, there is a good chance that BTC will move above the $29,000 mark.

Ethereum

In addition to BTC, ethereum (ETH) also moved higher on Monday, climbing above the $1,900 level.

ETH/USD jumped to an intraday high of $1,926.42 earlier in the day, following a low of $1,839.13 the day prior.

This surge led to the world’s second largest cryptocurrency hitting a three-week high in the process.

Ethereum chart by TradingView

Looking at the chart, today’s surge came as the 10-day (red) moving average crossed over its 25-day (blue) counterpart.

If this trend continues, there is a strong chance that ethereum could move closer to $2,000 in the upcoming week.

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